Monday, May 02, 2016

Obama's Economy Is Bad; Clinton's Would Be Worse

It is the policy of this blog to give the personal opinions and perspectives og our contributors mixed with news reports from various press agency news feeds. The extract below breaks with that policy because it is from an official of the US Republican Party. We draw attention to it because Mr. Priebus echoes the warnings our contributers have been giving about the likely economic consequences of electing Hillary Clinton, which would be the same as we correctly anticipated of Obama's Presidency eight years ago, but mulitplied by ten.

And we feel qualified to comment although we are not American, because whoever is driving the US economy affects the whole world.

On Thursday we learned the American economy expanded at an anemic rate of just 0.5 percent in the first three months of the year. It was the worst showing in two years and the third straight quarterly decline in economic growth.

The millions of Americans who continue to struggle in the Obama economy have been held hostage by this persistently weak growth. In fact, not only is the so-called “recovery” the weakest since the 1930s, Obama is on pace to become the first U.S. president in history to have never presided over a full year of growth averaging at least 3 percent. Add in the fact that the middle class continues to shrink while wages continue to stagnate, and Obama will likely leave office with one of the worst economic records of any president.

Despite all of this, Hillary Clinton doesn’t think he’s been given enough credit and even gives the president an “A” for his performance. That’s troubling, but what should concern Americans even more is what she is proposing to do.

Take Clinton’s plan to raise tax, for example. According to a recent study by the Tax Foundation, it would reduce economic growth by 1 percent, eliminate the equivalent of 311,000 full-time jobs, and lead to 0.8 percent lower wages.

That means if Hillary Clinton were president today and her tax plan was on the books, Thursday’s GDP report would have shown that the economy actually contracted. Today’s stagnant wages would be even smaller and fewer Americans would be able to find full-time work. She isn’t just offering the status quo of failed liberal economics, she’s promising to put it on steroids with potentially damaging consequences.

The woman is a phoney, a self interested, self aggrandizing elitist with a sense of entitlement the size of a galaxy. Whatever Hillary does, and whatever minority group the claims she is acting in the interests of, you can bet the main beneficiaries are Hillary Clinton, her family and her cronies.